New York Life Group Benefit Solutions Launches New Tool to Tackle Parental Leave Uncertainty

An online resource from NYL GBS simplifies parental leave planning

NEW YORK--(BUSINESS WIRE)--
A recent survey by New York Life Group Benefit Solutions (NYL GBS) reveals a sense of uncertainty and financial unpreparedness surrounding pregnancy, childbirth, and parental leave among adults planning to have a child. In response, NYL GBS today announced the launch of myLeaveGuide^SM, an online tool that simplifies parental leave planning.

Parental leave is one of the most common reasons for taking time away from work, however, NYL GBS research found that many soon-to-be parents don’t feel fully prepared and struggle when it comes to understanding benefits covering their leave.

According to data from the survey, among adults planning to have a child within the next 5 years:

• 66% wish they had help determining if they're missing out on pregnancy and childbirth benefits.

• Nearly 75% don’t feel fully financially secure when it comes to caring for a new baby.
  

Parental leave, often riddled with varying regulations and complex eligibility criteria, can be a source of significant stress and confusion for expecting parents. At the same time, employers are grappling with increasingly complex state leave regulations, and they often lack the expertise and resources to effectively guide their employees.

"myLeaveGuide^SM helps cut through the confusion of parental leave," said Meghan Shea, Vice President and Head of Strategy and Solutions at New York Life Group Benefit Solutions. "With a few simple questions, this user-friendly tool personalizes the experience, giving expecting parents a clear picture of their state and federal leave options, what their estimated benefits would be, and how these benefits may work together."

To ensure the tool keeps up with the ever-changing and complex patchwork of state regulations, NYL GBS partnered with Penguin Benefits, creator of a technology platform that addresses the complexity of leave planning. Founder and CEO of Penguin Benefits, Chengchen Li, had first-hand experience struggling to understand leave benefits during her pregnancy.

“As a new mom, navigating parental leave benefits was a frustrating process, because information about my leave entitlements were piecemeal. It felt like putting together a puzzle. That's why I founded Penguin Benefits; to create better solutions,” said Li. “Now, through our collaboration with New York Life Group Benefit Solutions, myLeaveGuide^SM can help individuals more confidently navigate these often complex regulations."

myLeaveGuide^SM , which is available to everyone, initially focuses on parental leave across 38 states, with plans to expand the tool to encompass additional states and leave types. All employers are encouraged to share this valuable resource with their employees since there is no requirement to be a New York Life customer to access the tool.

Visit here: nyl.com/myleaveguide to view the tool and to learn more.

Survey Methodology:

This poll was conducted between February 17 – 23rd, 2023 among a sample of 300 adults who have medical insurance benefits provided by an employer and plan on having a child in the next 5 years. The interviews were conducted online and results from the full survey have a margin of error of plus or minus 6 percentage points.

About New York Life Group Benefit Solutions:

New York Life Group Benefit Solutions (www.newyorklife.com/group-benefit-solutions) is a division of New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, the largest¹ mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.² New York Life Group Benefit Solutions leverages New York Life's extensive resources and industry-leading expertise to provide a tailored, supportive, and connected benefits experience. New York Life Group Benefit Solutions provides a range of insurance products and services tailored to meet the needs of businesses and their employees, including several leave management products under the New York Life Absence Assist^SM product suite, Life and AD&D Insurance, and Voluntary Benefits.

New York Life Group Benefit Solutions products and services are provided by Life Insurance Company of North America, New York Life Group Insurance Company of NY, and New York Life Insurance and Annuity Corporation, subsidiaries of New York Life Insurance Company. Life Insurance Company of North America is not authorized in NY and does not conduct business in NY. Product availability may vary by state and is subject to change. Voluntary benefit products are not available in New York.

¹Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/5/2023. For methodology, please see http://fortune.com/fortune500/.

²Individual independent rating agency commentary as of 11/17/2023: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).

About Penguin Benefits

Penguin Benefits provides cutting-edge technology that enables comprehensive guidance to employees seeking to navigate their parental leave options. Leveraging proprietary advanced algorithms and validated by deep consumer research, Penguin’s planning tool provides a personalized view of all applicable benefits to help each employee navigate their leave options. To learn more about Penguin Benefits and how they are demystifying parental leave planning, visit www.penguin-benefits.com.

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Allison Scott
New York Life

[email protected]

(212) 576-4517

Elyse Petroni
Sloane Company

[email protected]

(716) 560-5437

Source: New York Life